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Gift to/by an huf
SIR,
I WOULD LIKE TO KNOW WHETHER AN HUF CAN GIFT TO ANOTHER
INDIVIDUAL/HUF AMOUNT EXCEEDING 50,000/- WITHOUT THE RECIPIENT ATTRACTING GIFT TAX ?
IF SO THEN THE CIRCUMSTANCES UNDER WHICH IT CAN BE DONE.
ALSO WHETHER AN HUF CAN GIFT TO ITS COPARCENERS?
YOUR KIND REPLY TO THE ABOVE WILL BE APPRECIATED.
THANKING YOU,
ANILKUMAR JAIN.
anu_preksha @ yahoo.com
Replies (3)
As per Hindu Law, a HUF cant gift anything to its members or non members....if it do so then such shall remain assessed in hands of HUF..
And..HUF can receive any amount of gift from its members without any limit that shall be non-taxable
huf can't gift anything to anyone, howevre it can recieve gift from anyone
As per Hindu Law HUF can'nt gift to anyone... When HUF receives gift, It shall be guided by the provisions of section 56 2(vii) of the Income Tax Act. In that section gift to HUF from its members is exempt in the hands of HUF.
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